Wayne Rosso, who has been hired by Global Gaming Factory X AB CEO Hans Pandeya to work on the project, revealed he has met with London music executives to help forge a viable legal version of the notorious torrent website.

Blogging on Themusicvoid.com, Rosso revealed the plans for what he calls ‘The Pirate Bay 2.0’.

Working under a ‘cloud’ network system, users will be encouraged to dedicate their own hard drive space to the site. They will be asked to pay a monthly fee to use the site, though how much they pay will depend how much space they devote to The Pirate Bay.

“I’m calling this new model ‘resource supported’,” Rosso explained in his blog, adding that the new plan was an “ingenious” idea.

“In short, the more computer resources the user contributes to The Pirate Bay, the more his content consumption is subsidized. I won’t drill down any further due to commercial confidentiality, but it can actually work. And if it does, it will be huge.”